How To Prepare For the Collapse of The Dollar

Below are some books that have helped me navigate financial uncertainties to set myself up to be prepared:

Robert Kiyosaki books I'd recommend:
Ray Dalio:
Peter Zeihan:
Dave Ramsey:

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#shtf #dollar #prepper

[DonaldMark-nese]

A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k

[thunderblade]

I honestly think its better to stock up more on food and water rather than precious metals. Yes its a good form of currency but you can't eat metal. Food is always a great commodity to barter with and is (somewhat) more affordable than silver and gold

[carolgold-boyd]

Regarding precious metals: I married into a family of what are now called "Mountain People" who had little to no trust in banks and other such financial institutions. At one point my in-laws gifted my spouse and me with an actual small ingot of gold for "just in case". During the Great Recession we were in dire financial straits and two years into it, in 2010, decided to sell our little ingot of gold in order to continue having a roof over our head, pay our utility bills, and put gas in the car. This turned out to be an interesting adventure. First, any company loudly advertising WE BUY GOLD is unlikely to give you a good deal. This also includes pawn shops who, by the way, seem to prefer gold in the form of jewelry and not ingots. Typically, we'd be offered 10% of the published worth of gold per ounce for our little bricklet. One establishment accused us of owning illicitly obtained gold (the fact our ingot had been melted down and crafted in someone's garage or backyard probably did not help with first impressions). We persevered and did find a local jeweler (not a chain) who had been in business for years and years who dealt fairly with us. He carefully weighed our ingot, assayed it - that is, tested it for composition and purity - and told us it was dental gold so not 100% pure but showed us his calculation of the percentage of gold. (If you're wondering about "dental gold" - some of the in-laws worked in dental-related businesses and some of them were in the habit of willing their gold fillings to relatives after their death. They were... interesting people). He agreed to give us 70% of the day's market value for gold based on weight, which was a way better price than anyone else offered. Four times the next largest offer.

So, sure, buy gold - but when it comes time to sell it might not be as easy or as straightforward a task as you might think. It only took us couple months to get our final price, after all. You will not get the price the stock market or whomever is listing as that day's "price of gold per ounce" but some percentage of it. All that in a situation where we were having our own personal SHTF moment but the majority of the rest of the country was not. If the dollar does collapse or we have hyperinflation or something else catastrophic happens finding a buyer may or may not be easier - it could be harder if what people want is cans of food or something else. I have to laugh whenever I encounter someone claiming buying gold is the solution to a collapsing economy or whatever scenario they have in mind. I'm not saying don't do it - when we finally sold our little ingot it paid our rent for nearly three months - but don't view it as a quick fix or, if you need a quick fix, you may wind up selling your asset for much, much less than your purchased it for, especially if you're desperate. If you are in that situation face up to it quickly and don't wait too long to start selling such reserve assets because the more desperate you are the fewer options you have and you might find yourself at a painful disadvantage. The longer you wait during a collapse the less you may get for your asset.

Honestly, at the time our stock of canned food and our indoor garden turned out to be more reliable for keeping us fed than having a mini gold bar was. Trading some of my time and labor to offset some of our rent was more useful than a mini gold bar was for the couple months it took to sell it. In the end it was very useful but in the meanwhile you can't eat gold. Invest in gold if you want to do so, but don't make it your only prep and don't think it will solve every problem. Diversify. Keep as many options open to you as you can.

[darnellcapriccioso]

It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.

[confeti]

I´m from Argentina. I´ve been in perpetual inflation since I was 15. So one lesson I learned from high inflation rates is that you cant save in our currency So the strategy if you think your money is going down is: take debts in that currency (in our case pesos) and then buy assets in other currency or just simply other currency(in our case dollars) . So when your actual currency devaluates (the peso lose value in a rate of 100% per year. It should loose more, but some economic restrictions and games are delaying that so when it explodes it´ll lose 300 or 400% of its value in short time lapse.) so the peso loose value and the other currency loose it in a much slower rate. So your debts is melted. For example last year the interest rate of a loan was 40 to 55% so if you take a loan and bought dollars you only loose 7% on inflation. But since that the peso has devaluated nearly 100%. Today interest rates of a loan is 110% so the expected inflation in Argentina will be much more. Your Central Bank (your fed) is near 71% and it´ll be raised today or tomorrow. So if you need survival tactics related to inflation ask an Argentinian. :(

[felixdacat]

Kudos to you Kris for being a consistently stand up guy and remaining uncompromised in your personal ethics and principals towards your channel, your subcribers and the "prepper community" as a whole....You and Your level headed content is why I remain here and tune on being You.!

[kyle-user]

I'm mostly in cash and waiting for this market to re-level on the reality of our situation. Or are there any ways I can avoid a crunch and maximize my savings of $350k?

[tdorman]

Once again a great and informative video. I retired earlier than planned to take care of my wife who had interstitial lung disease. After she passed, I got bored and went back to work (did not need to) at my corner pharmacy. The pay was minimal but after a while raises came. I used the extra money to pay off my wife's medical bills and to help my son and his family. In addition to the extra revenue, I get the employee discounts which greatly help my son's family (two small children) in their OTC needs. I also got rid of one of my cars that was using 16 MPH and bought one the gets 33MPH. I usually walk to work so I only drive about 23 miles per week. Each week I buy a few non-perishable items for my pantry and have enough propane and butane to last me for several months. I also have bags of high quality soil in my garage along with many seeds for a vegetable garden. I have a couple of solar showers and plenty of water. This past couple of years of prepping has greatly eased my mind and with very little out of pocket costs to me. Keep up the great work.

[jonawesolowski-thecommunit]

Thank you Kris, for your insight. February 2nd I started on a diet program. Eating so very much healthier, exercising(decluttering our entire attic, 3 hour yard work sessions, cleaning and reorganizing our tool shed, hiking, gym workouts etc) My strength, energy and endurance have gone through the roof. This allows me to do more, instead of sitting in a chair. I've got 72 plants growing of different lettuces, kale, spinach, carrots and 24 strawberry plants growing(1 year old bare root) I can now start a fire with dry tinder with a ferro stick and stryker, I have cooked over a small rocket stove and the food was delish. Learning new things and taking care of myself has given me almost the same sense of calm than my stockpile. It has utterly changed my frame of mind from feeling terrified and helpless, to calmer more prepared

[victoriajohnson]

Working towards a minimalist and zero waste lifestyle has helped me spend much less money. Less wasted food and aiming for less garbage has encouraged less buying of disposable items and a smaller grocery bill. Buying quality and repairing myself what breaks.

[tonysilke]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[sherimatukonis]

My personal goal is actually living as though it's already happened so I barely notice when it does. Not just prepping for it.

[japguns]

I've said many times that always prepare for the most likely events for your area and personal life... I live in wyoming, and we got so much snow this past year that we couldn't leave our house for weeks. I had to snowmobile from our house to the main road for 3 months. That's several miles a day of transporting family, fuel, food, and any other supplies we needed. Gold or silver would have been useless. But food and fuel are worth its weight in gold.. You can't eat gold, and silver won't heat your home. It's all about energy... whether it's energy in food or gasoline.

[Harperrr.]

Investing in various sources of income that are independent of the government should be the most essential thing on everyone's mind right now. especially in light of the global economic crisis at the moment. I have $560, 000 sitting in savings searching for the best method to enter these markets. This is still an excellent moment to invest in equities, gold, silver, and digital currencies.

[Arnis_GM_B]

I’m glad you are not selling out. I have become annoyed with other channels doing their endorsements/ sales pitch
So cheers to you Chris

[elisiaweimar]

Because of you and a few others, I took a four-day weekend. I am putting my garden in. I have no land. I have no room outdoors. I have reassessed the things that I’ve considered necessary. I’m actually excited I have thinned out the house contents and I will grow by any means necessary. I will be able to survive this also I am in extreme couponer. I have a four year supply of the majority of my, non-food necessities I was a reseller because I can get so much product in over the course of a month that’s changed. I wanna three year supply of body wash, shampoo, deodorant, laundry, care, and when I have my three year supply, I will start to resell again, thanks for all the great advice.

[universalgardener]

Physical and mental health are often overlooked in the prepping community, but arguably some of the most important preps you can have

[crossfitedwardsvilleofficial]

Kris, thank you.
1- for maintaining your integrity re: sponsorships. None of us, your fans, would fault you for taking sponsors; you deserve to get paid, but the way you’re handling it shows true integrity & wisdom.

2- Thank you for being a voice of reason, not panic or fear.

3- I’ve noticed that you have adopted a more extemporaneous form of speaking on your channel, and I really think you’re at your best when you speak like that: freely, and from the heart.

Keep doing what you’re doing. 👍🏻

[summatim]

Summary was generated by Summatim, let us know if there are any inaccuracies! 🤖
0:01: Discussion of the Dollar's collapse
0:25: What should you do to prepare for the end of the rule of the dollar as a World's Reserve currency?
8:56: Take care of yourself
9:58: Work on self-sufficiency
11:27: Educate yourself about economics and finance
12:02: Increase Financial IQ
12:52: Build a Plan
13:51: Invest in Yourself
15:47: Build an Emergency Fund
16:47: Diversify Your Source of Income
18:13: Reduce Debt and Liabilities
20:33: Avoid Speculation

[sheedove]

You have earned my respect and loyalty as a consumer many, many times over! Other peppers should follow you to learn what they should do. Thank you.